AUD/USD trades higher near 0.6980 on Friday, recovering from an initial decline as the US Dollar (USD) loses ground following a mixed batch of United States (US) economic data.
Stronger Housing Starts and Consumer Sentiment were offset by weaker Building Permits and subdued Industrial Production prints
US Housing Starts increased to an annualized 1.43 million in June, beating expectations of 1.31 million and rising from 1.20 million previously. However, Building Permits declined to 1.37 million MoM, below the 1.40 million forecast and the previous 1.41 million. Building Permits are down 3.0% on an annual basis.
US Industrial Production rose only 0.1% MoM, missing expectations for a 0.2% increase and matching the previous reading. Meanwhile, the preliminary University of Michigan Consumer Sentiment Index improved to 54.4 in July from 49.5, exceeding the market forecast of 51.0. The Consumer Expectations Index also climbed to 54.0 from 50.7.